London-based Transferwises, the international money transfer platform, has received $26m investment in a round led by Baille Gifford. Andreessen Horowitz, Valar Ventures, and Sir Richard Branson also contributed to the round – which brings TransferWise’s total funding to $117m.
“After just five years, we’ve seen how much TransferWise can help people who need to move money internationally”, says Taavet Hinrikus, Transferwise CEO and co-founder. “People are now moving £500m every month on TransferWise, that means they’re saving themselves over £22m”.
Baille Gifford investment manager Peter Singlehurst was enthusiastic about the investment:
“We’re delighted to have invested in TransferWise. Its success to date shows how badly served consumers have been in the past and the real need for what TransferWise offers. The company’s plans for the future are very exciting and the founders have built up an awesome team to deliver them”.